Daily Times

Due to the ongoing uncertainty over talks with the International Monetary Fund (IMF) and rising commodity prices, Pakistan’s benchmark KSE-100 Index plummeted to levels last seen in March.

The KSE-100 index fell over 1.7 percent, or over 700 points, by 1 45 pm on Monday and was trading between 43,700 and 800. Cement, technology, and the refinery industries all suffered from low volumes and selling prices. After hours of fluctuation, the broader KSE-100 index fell by 647.89 points (1.46pc) to conclude at 43,829.35. The discussions with the IMF (on the Extended Fund Facility) are causing considerable worry. Pakistan’s stocks have been under pressure for several months now, as rising commodity prices, the depreciation of the rupee, and rising inflation figures have all taken their toll on investor confidence.

According to plans, Finance Minister Shaukat Tarin will go to Washington DC on October 12 to attend the annual conference of the World Bank and the International Monetary Fund, which will take place from October 11 to 17, 2021. It is unclear whether Tarin will undertake high-level policy discussions after or on the margins of the annual gathering this year.

The total volume of trading fell to 88.79 million units from the previous year. Rs5,987,713,743 worth of shares were traded during the course of the day.